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Russia’s Gazprombank to Offer BTC Custody in Switzerland

Russia's Gazprombank to Offer BTC Custody in Switzerland
  • Russia’s third-largest bank Gazprombank has received regulatory approval from FINMA to offer BTC custody services in Switzerland.
  • Gazprombank Switzerland will allow bitcoin trading against fiat currency.
  • The bank has been making a move into cryptocurrency services since 2018.
  • Contrarily, Russia is not too supportive of major cryptocurrencies.

Russia’s Gazprombank has received regulatory approval to offer BTC custody and trading services to its institutional and corporate clients in Switzerland. Gazprombank can now start the buying, selling, trading, and custody of Bitcoin (BTC).

The bank was approved by the country’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA). Moreso, Gazprombank will comply with Swiss Anti-Money Laundering and Know-Your-Customer (KYC) laws and regulations.

Gazprombank CEO Roman Abdulin noted that:

As a FINMA-regulated financial institution, we are confident that we can add value by providing an increased level of trust to participants.

Gazprombank Switzerland Services

Services offered will include institutional-grade storage solutions and the purchase and sale of bitcoin. Currently, the Zurich-based bank supports Bitcoin only. Additionally, it will provide bitcoin trading against fiat currencies.

Abdulin further expressed that:

We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.

As of now, the Swiss arm of Gazprombank is offering its BTC custody services to a select few clients. Later on, the bank plans to gradually expand its services and offer more cryptocurrencies.

Russia and Cryptocurrency

Russia’s banking institutions are tapping crypto markets abroad, with Gazprombank being one of the most aggressive in the country. Adding on, it is the third-largest in Central and Eastern Europe in terms of equity. Moreover, the bank has been making a move into cryptocurrency services for some time, starting back in 2018.

In contrast, Russia’s government is not too supportive of major cryptocurrencies. Earlier this year, Russian lawmakers passed a bill to give cryptocurrencies legal status. However, crypto was banned from being used as a means of payment. Instead, the country will test its digital ruble before 2021 ends.

A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.